Stock Futures Choppy as Jobs Data Rolls In

December's ADP employment report showed 164,000 jobs added

Deputy Editor
Jan 5, 2024 at 8:11 AM
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Stock futures are a mixed bag this morning, as investors unpack this morning's jobs data. Last week's initial jobless claims fell to a nearly three-month low of 202,000, while the ADP employment report showed the economy adding 164,000 jobs in December -- higher than the estimated 130,000. 

Dow Jones Industrial Average (DJI) futures are carrying a comfortable 77-point lead, while futures on the S&P 500 (SPX) sit flat, and the Nasdaq-100 (NDX) futures look to extend the tech-heavy benchmark's recent woes. 

Continue reading for more on today's market, including: 

  • Do 2023 gains signal more to come, or a regression to the mean? Schaeffer's Senior Quantitative Analyst Rocky White finds out.
  • Dropbox stock is one of Schaeffer's top picks in 2024
  • Plus, WBA's earnings beat; and two downgrades to watch. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 791,534 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.69, and the 21-day moving average remained at 0.69. 
  2. Walgreens Boots Alliance Inc (NASDAQ:WBA) stock is up 1.7% premarket, after the blue-chip pharmacy posted better-than-expected fiscal first-quarter earnings and revenue. On the charts, WBA will be testing its 200-day moving average today. Over the past year, the equity is down roughly 31%. 
  3. Apple Inc (NASDAQ:AAPL) stock is down 1.2% before the bell after another Wall Street downgrade. Piper Sandler lowered its rating to "neutral" from "overweight," citing valuation concerns, among other factors. Should this negative price action hold, AAPL will be on track for its fourth-straight loss. Year over year, AAPL is up 47.3%. 
  4. The shares of Yeti Holdings Inc (NYSE:YETI) are down 6.4% in electronic trading, after a downgrade from Canaccord Genuity to "hold" from "buy," though the firm also lifted its price target by $1 to $50. Over the last year, YETI is up 17%. 
  5. Plenty of economic data scheduled this week. 

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Overseas Stocks Also Choppy in 2024

Markets in Asia closed mostly lower Thursday. South Korea’s Kospi led the laggards with an 0.8% loss, while China’s Shanghai Composite shed 0.4%, even after the country’s service purchasing managers’ index (PMI) expanded at its fasted rate since July. Stocks in Japan also resumed trading, and the country’s Nikkei fell 0.5% to start the new year. Rounding out the region, Hong Kong’s Hang Seng wrapped the session up unchanged despite the area’s business activity improving at its fasted clip since April.

European stocks are higher this afternoon, even as investors grapple with uncertainty surrounding central banks and the trajectory of interest rates. In addition, the euro zone composite PMI figures showed more contraction in output. France’s consumer prices rose as well, and the country’s CAC 40 was last seen 0.2% higher. London’s FTSE 100 is also up 0.2% at last glance, while Germany’s DAX carries a 0.1% lead.

 

 

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